Foley Hoag Embraces Pay Cuts, New Bonus System

Law360, New York (October 29, 2009, 5:26 PM EDT) -- Foley Hoag LLP has become the latest law firm to slash base salaries for associates, informing employees of the impending pay cuts as part of a strategic reform to improve attorney development.

A spokeswoman for Foley Hoag on Thursday confirmed the new compensation system, which also includes changes to the firm's bonus program.

In a memo obtained by Above the Law, Foley Hoag told attorneys that their base salaries could be cut by as much as 10 percent, effective Nov. 1.